Polygon Founder Raises $50mln for Web3 Focused Fund
The founder of Ethereum layer-2 scaling solution Polygon, Sandeep Nailwal, has secured $50 million for a fresh venture capital firm called Symbolic Capital.
Symbolic Capital was founded in May by Nailwal, Kenzi Wang (ex-Borderless Capital), and Kenzi Wang (Cere co-founder) with the intention of providing a diverse range of solutions to its portfolio firms via a proprietary internal information platform. The cryptocurrency-focused venture capital business will only invest in Web3 firms. This indicates the rising interest of venture capital in blockchain-driven internet.
Amongst some of the Symbolic fund’s backers were cryptocurrency industry players, protocols, cryptocurrency exchanges, and auditing organizations. There were venture capitalists amongst them. Also contributing to the fund were family offices and organizations. This will lead to payments of between $500,000 and $1,000,000 per initiative. The fund of Symbolic has so far invested in three blockchain-centered gaming firms. Included among them are BlinkMoon, Planet Mojo, and Community Gaming. The initial investment for these firms has not been revealed.
Nailwal adds, “My primary objective is to bring broad acceptance to web3, and widespread adoption will only occur through applications. It’s not as if I’m planning to construct a blockchain and then people will utilize it – none employs blockchain straight. They always utilize it through an application.”
Symbolic Capital invests extensively in Web3 initiatives or services that will progressively decentralize the internet. Approximately half of Symbolic Capital’s team is devoted to offering operational assistance to founders. Coverage includes legal difficulties, product integrations, regular internal audits, networking with other entrepreneurs, and marketing efforts. The company plans to concentrate on entrepreneurs creating consumer-oriented decentralized applications. In addition, it will an information platform for scraping and evaluating sources like GitHub repositories and LinkedIn. This will give insight into market tendencies and recruiting support for entrepreneurs.
In a press announcement, the company said, “Among the first venture capital companies run completely by web3 founders, we are able to give unmatched assistance to the developers in our portfolio.”
Five years back, Nailwal co-founded Polygon with headquarters in India. Wang co-founded the decentralized data cloud Cere. Collectively, they have acquired stakes in over 40 firms, notably Axie Infinity, YGG, and Biconomy. Wang is reported as adding, “It’s construction time… There are fewer distractions. We believe that now is the moment to assist the upcoming generation of entrepreneurs.”
He continued by stating that Web3 remains in the dial-up phase. Additionally, he claimed that the company’s mission is to enable entrepreneurs to create Web3 apps that attract more consumers. A week before to Symbolic’s statement, Shima Capital and CoinFund each launched a $200 million cryptocurrency fund and a $300 million investment fund, respectively.